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What is the precise meaning of Automatic Exchange of Information (AEOI)?
Automatic Exchange of Information (AEOI) agreement is an effort to minimize tax evasion and ensure that taxpayers pay their tax to the relevant tax authorities. On July 15th, 2014, the Common Reporting Standard (CRS) that was created in reaction to the G20 request was confirmed by the OECD council. It required jurisdictions to gain information from their financially supporting agencies and then transfer it annually with other jurisdictions. It specifies the sort of financial information to be transferred, the reporting institutes, different account kinds or taxpayers involved and the usual timely diligence processes these institutes need to follow. Many countries are involved in making Automatic Exchange of Information (AEOI) agreements. These agreements letinformation transfer occurs among tax authorities in a variety of countries concerning financial accounts or investments that aid in collecting tax from all More...

Opening an Offshore Bank Account.
Offshore bank account generally, has the higher financial privacy. The same financial advantages are provided for Japanese, US, Europe citizens in their business stuff. Another reason that many people are interested to open offshore bank account is to protect their money againstsuch issues as divorce, lawsuits and legal cases. To guarantee maximal privacy and safety, offshore accounts are opened to the credit of other companies abroad and one advantage is that such accounts are not exclusive to the rich More...

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